The Royal Bank of Canada’s asset management arm said it decided to end its dealings with BIAM for its Europe, Australia and Asia fund when the four executives moved to Perpetual Trustees.
“BIAM will continue to sub-advise on the RBC Private EAFE Equity Pool through the next 60 days, ensuring the continuity of investment management of client assets until a suitable replacement firm can be identified,” the Canadian firm said in a statement. RBC Asset Management would not disclose the value of its deal with BIAM, and a spokesperson for Bank if Ireland said it has continued to win new mandates. It is not known if any other clients have parted company with the bank over the loss of the individuals.
Bank of Ireland made changes to its asset management team after Perpetual Trustees Australia hired four of its fund managers to run a new Irish operation.
Last month, Australian firm Perpetual recruited Des Sullivan, John Nolan, John Forde and Richard Kelly to head its global equities investment business, which will be run out of a new Dublin office next year.